How Gen Z spends most of their money?
Gen Z may appear to be more cost-conscious, but that doesn’t mean they won’t buy from you.
Many of your most thrifty prospects will still purchase, invest in, or splurge on your brand’s goods and services if they appear valuable, alleviate their problems, or offer a satisfying, memorable experience.
Let’s examine what they spend the most money on:
1) Health and Wellness
According to the 5WPR 2021 consumer report, Gen Z spends the second most money on health and wellness.
This group appears to be at the forefront of the wellness movement that has emerged in recent years and raises awareness of related issues like mental health, ethical food sourcing, etc.
2) Education
Millennials are among the age groups with the highest levels of education, but Gen Z is on track to surpass them.
According to the Pew Research Center, Gen Zers are more likely to enroll in college than Millennials and Gen Xers at a similar age.
News organizations have predicted and reported spikes in school-related purchases driven by Gen Z shoppers as members of the generation enroll in college.
3) Technology
While you may be concerned that Gen Z isn’t worth marketing to because they won’t spend money on your products, this age group can be persuaded to make larger purchases that provide fun experiences or improve their daily lives.
Brands aiming to reach Gen Z must produce content that explains why the demographic needs their product, how it could alleviate daily problems or boredom, and why it’s superior to that of a rival.
4) Small Enterprises
In the last three months, 60% of Gen Zers chose a product based on the fact that it was produced by a small business, according to our State of Consumer Report.
Most were motivated by the potential to forge close relationships between customers and support the regional economy.
The willingness of consumers to share their data with small businesses in exchange for offers and discounts is another intriguing finding.
5) Items at a Discount
Studies and Gen Z’s shopping habits suggest that they haven’t been able to get over their worries about financial instability as they get older.
According to research, the offering must be so valuable to them that they can defend making an investment in a good or service.
It’s critical for marketers to consider Gen Z’s financial situation and educational objectives.
You’ll have to persuade them that your product is something they should buy.
#cfoadvisory #genz #spendinghabits #financeindustry #timemanagement
